China New Borun Signs Pre-sales Contracts Worth Approximately 90% of 2012 Total Production Capacity
BEIJING, Jan. 10, 2012 /PRNewswire-Asia/ -- China New Borun Corporation (NYSE: BORN; "Borun" or the "Company"), a leading producer and distributor of corn-based edible alcohol in China, today announced that it has already signed pre-sales contracts worth a total of approximately 90% of the Company's total edible alcohol production capacity in 2012.
Mr. Jinmiao Wang, Chairman and Chief Executive Officer of Borun, commented, "Driven by strong market demand for our edible alcohol and the acquisition of new customers, we are very pleased to win such a strong volume of pre-orders this early in the new year. In addition to robust demand in our core provinces of Shandong and Heilongjiang, we continued to make significant progress in expanding our customer base into other provinces including Sichuan, where some of the nation's largest baijiu producers are located and the demand of edible alcohol currently exceeds supply. We are also very pleased to experience continued strong demand of our by-products, including DDGS feed, carbon dioxide and the newly-added crude corn oil, which together accounted for 29% of our total revenue in the third quarter of 2011. With a good start in 2012, we look forward to another solid fiscal year."
About China New Borun Corporation
China New Borun Corporation (NYSE: BORN) is a leading producer and distributor of corn-based edible alcohol in China. Borun's edible alcohol products are primarily sold as an ingredient to producers of baijiu, a popular grain-based alcoholic beverage that is sold throughout China in retail stores, restaurants and bars. The Company also produces DDGS Feed, liquid carbon dioxide and crude corn oil as by-products of edible alcohol production. China New Borun is based in Shouguang, Shandong Province. Additional information about the company can be found at http://www.chinanewborun.com and in documents filed with the U.S. Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov.
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
Three Part Advisors, LLC
SOURCE China New Borun Corporation
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